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謝國忠:Driving the world

The financial crisis presents an opportunity for China to seize the leadership baton for globalisation and become its centre for goods, services and capital, while catalysing a new China boom that could last a decade or longer. That boom could turn China into the world's largest economy - and a developed country - within two decades. China has been a bottom feeder in the global economy. Keeping costs low and making labour-intensive products have brought it safety and growth. Australia, Brazil and Russia sell natural resources to China in return for cheap manufactured goods. Japan and Germany sell expensive cars and technology to China in exchange for cheap manufactured goods. And America just hands over dollars for goods and services, and gets them back by selling derivatives like collateralised debt obligations, backed by inflated US house values, to foreigners. The global economy has run like a motorcycle, with American consumption as one wheel and China's savings as t...